Category: Legal

SDNY Court Holds Fraudulent Conveyance Recovery Not Limited to Value of Creditor Claims, But Confirms Some Limits

In Tronox Inc. v. Anadarko Petroleum Corp., Chapter 11 debtor Tronox Inc. and its affiliates brought an adversary proceeding against Anadarko Petroleum Corp. and certain of its subsidiaries, alleging intentional or constructive fraudulent conveyance under 11 U.S.C. §548 or 11 U.S.C. §544(b). According to the complaint, the debtors undertook a multi-stage “spin-off ” transaction in which valuable oil and gas assets were placed in a new corporate entity and thereby isolated from billions of dollars of environmental and tort liability. Five months later, Anadarko acquired the new corporate entity (and the oil and gas assets) for $18 billion, leaving Tronox allegedly insolvent, undercapitalized and with billions of dollars in liabilities.

Six Structured Finance Partners Join Chapman’s D.C. Office

Chapman and Cutler announced that Felicia B. Graham, Douglas L. Madsen, Michael H. Mitchell, Mark R. Riccardi, Craig Fishman and Rachel G. George, formerly of Orrick, Herrington & Sutcliffe, joined the firm as partners in Chapman’s newly established office in Washington, D.C.